Three ministries receive N250b SUKUK fund

Three Ministries have received a check of N250 billion fresh proceed of Sukuk Bond for the year 2021 mainly for the funding of critical roads infrastructure.

They are the Ministry of Works and Housing, Ministry of Federal Capital Territory, FCT and that of the Niger Delta.

At the presentation in Abuja, the Executive Director, Debt Management Office, DMO, Patience Oniha said the 250 billion Naira bond was the fourth in the series since its introduction as part of infrastructure funding in 2017.

Out of the 250 billion Naira cheque for the year 2021 issued to the three ministries, the Ministry of Works and Housing got the lion share of N210.565,000,000, the Federal Capital Territory was allocated N29 billion, While the ministry of Niger Delta Affairs was allocated the sum of N10.43 billion.

At the presentation, the Director Debt Management Office, DMO, Patience Oniha said the bond since has improved road infrastructure across the country in 2017 issued the first bond of one hundred billion Naira to the Ministry of Works to fund twenty roads across the six geo-political zones.

The Minister of Finance, Hajiya Zainab Ahmed explained that the inclusion of the FCT and the Niger Delta ministries was born out of the federal government resolve to prioritize the funding of critical road infrastructure.

The Minister of Works and Housing, Babatunde Fashola maintained that the Sukuk bond had made a significant impact in the completion of major roads projects in the country.

For the Minister of FCT, Muhammed Musa Bello, the fund will be used to fund six major roads project in the territory.

Meanwhile, the Chairman Senate Committee on Local and Foreign debt, Senator Clifford Odia gave an assurance that the national assembly will carry out proper oversight to ensure the quality of work is in line with specifications.